Kaierda(SH:688255) Zhong Guo Jing Ying Bao·2025-08-08 06:12Core Viewpoint - The company Kailda (688255.SH) is facing significant financial challenges, with a notable decline in revenue and profit, leading to its first net loss in nearly a decade, primarily due to increased operational costs and reliance on external suppliers for robot components [3][4]. Group 1: Shareholder Changes - Yaskawa Electric (China) Co., Ltd., a major shareholder of Kailda, plans to transfer 5% of its total shares, which represents 36.36% of its current holdings [2]. - Yaskawa Electric has been a long-term supplier of robot components for Kailda, with a significant portion of Kailda's robot assembly still reliant on Yaskawa [2]. Group 2: Financial Performance - In the first half of 2025, Kailda reported revenue of 316 million yuan, a year-on-year decrease of 1.81%, and a net profit of 2 million yuan, down 89.94% [3]. - The company recorded a non-recurring net profit loss of 3 million yuan, marking a 114.60% decline compared to the previous year, which is the first loss in nearly ten years [3]. Group 3: Cost Structure - Increased management and R&D expenses contributed to the financial strain, with R&D costs rising to 21.11 million yuan and management costs to 22.75 million yuan, reflecting increases of 375,240 yuan and 612,680 yuan respectively [3][4]. - The company also reported a significant increase in stock price depreciation provisions, amounting to 813,000 yuan, which is an increase of 543.78% year-on-year [3]. Group 4: Procurement and Production - In the first half of 2025, 58.88% of the robot components used in Kailda's products were sourced externally, with 58.75% of these from Yaskawa Electric [5]. - Despite a decrease in reliance on external suppliers over the years, Kailda still sourced nearly 60% of its robot components externally as of mid-2025 [6]. Group 5: Executive Compensation - The company has seen an increase in compensation for management and R&D personnel, impacting overall management and R&D expenses [4]. - Specific compensation figures for key executives have shown a consistent upward trend from 2021 to 2024, indicating a focus on retaining talent amid financial challenges [4].